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Wednesday, 11 February 15
BDI HITTING THE ALL-TIME LOW; FFA MARKETS NOT SHOWING ANY POSITIVE SIGNS
 With the BDI hitting the all-time low and with FFA markets not showing any positive signs for a possible recovery in the near future, pessimism is still prevailing across the Dry Bulk sector. Average rates for all sizes are now trading below OPEX levels, rendering owners exposed to substantial loses. Apart from the existing tonnage surplus, for which we have talked a lot during the last years, anemic global growth and demand for dry bulk commodities have also pushed the BDI to its lowest historical point.
The decline of coal trade due to low demand from China is causing a big “headache” to Capesize and Panamax owners. Imports to China have been significantly reduced, since the local government is trying to shift away its dependency to coal for electricity production, to other renewable sources of energy. Despite that other countries like India have increased coal imports but that has so far proved inadequate to substitute entirely the fall in Chinese imports. As a result, many Panamaxes and capers, which were engaged in coal trade, are shifting to iron ore trade where in terms of transferred volume we are witnessing a healthy trade growth despite the fact that rates here have also plummeted.
Iron ore exports to China from Australia and Brazil rose as stockpiles in Chinese ports had hit a 12-month low in the beginning of the year. Low iron ore price together with cheap transportation cost and Chinese New Year festivities around the corner is the reason behind the increased volumes of iron ore imports. This increase has helped the Capesize market to slightly pick up from its historical lower point ever recorded in January and witness improved rates, which nonetheless are still far from what could be described as decent.
Headlines regarding the dry bulk market are mostly negative these days, however in this bearish market there are some news which could be interpreted as positive signs, something that market needs since this “crisis” is not only driven by its fundamental problems but also by sentiment. On one hand, iron ore imports could be soon increasing as demand from the Chinese steel industry is expected to rise on the back of the recently announced plan by the Chinese government to invest heavily (around USD1 trillion) in infrastructure projects as an attempt to support growth.
Secondly, activity in dry bulk demolition activity has increased the last month as a result of declining freight rates. As a matter of fact, in just one month’s time the number of Capesize vessels that was sold for scrap reached the number of Capesizes scrapped during the whole of 2014. Under this freight environment it is very likely that this trend will continue, helping the market alleviate some of the abundant tonnage. Finally, new building activity is declining because of both the current negative environment and also lack of finance to support these projects as a result of this environment. Also some contracted dry projects which have not commenced are now being swapped to wet projects allowing the substantial dry bulk order book to take a much needed breath.
A “perfect storm” is currently taking place in the Dry Bulk market. Overcapacity, anemic global growth, lack of demand for dry bulk cargoes and bearish sentiment amongst players, have all come together and pushed the market to its lowest point since 1986. But let’s not forget that during “perfect storms” there are always opportunities, as these are the exact points in a cycle when asset values hit attractive lows that makes investing suitable for asset play opportunities and fleet renewals, especially for those who have sat in the sideways all these years waiting for this exact “perfect storm”.
By Yannis Olziersky
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 02 March 15
FOB NEWCASTLE COAL SWAP ROSE 6.89% MONTH OVER MONTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 3.35 per MT (+6.89%) month over month and US$ 0.40 (0.78%) week on ...
Sunday, 01 March 15
BDI INDEX SLIGHTLY UP CAUSED AN INCREASE IN THE PANAMAX, SUPARAMAX AND HANDY SIZE INDICES
COALspot.com: The freight market saw some gains this week and BDI was up 5.26 pct closed at 540 points. However the Cape index failed to follow BDI ...
Friday, 27 February 15
WEEKLY US COAL PRODUCTION DOWN AN ESTIMATED 14.0% FROM LAST WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 16.5 million short tons (mmst) of coal ...
Thursday, 26 February 15
DRY BULK MARKET COULD REBOUND FROM HISTORICAL LOWS IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market could exit from its historical lows in the coming weeks, as Chinese buyers reenter the market after the holiday celebrations. T ...
Thursday, 26 February 15
COAL POLICY RISK: HIGHER ROYALTIES FOR IUP HOLDERS - BAHANA SECURITIES | JAKARTA POST
The Energy and Mineral Resources Ministry plans to raise coal royalties charged to mining operation permit (IUP) holders by the end of the first qu ...
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- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- PTC India Limited - India
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- The University of Queensland
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
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